Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com
TAGS:Stocks, Finance, How To, Investing, Invest, Warren Buffett, Finance, Value Investing, Money

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Going Beyond the 10k Checklist (good order to follow. If not durable, we should drop it)
• Overview – Give an overview on the business – what is the business, what units make it up, what products do the business have, who are the customers, where do they operate geographically, recent events (spinoffs, the stocks down 50%, why are we looking at this?) who’s their biggest customer, who’s their biggest supplier, what are their biggest product categories (or units, where is rev coming from)• Durability – is the product durable? Have the companies always existed? Have there been changes and challenges before? What’s it based on? Why is this going to continue in the future? Is this a fad? • Moat (does the company have a moat, and what would it be, EX from HBB- Do they outsource it to China, can they outsource it to China? Can other people replicate this easily?) competitive advantage- Where does the moat come from? – high switching costs, patents, contracts, network effects, shelve space, brand, economies of scale – logistics – sales per customer, location location location, regulatory, high barriers to entry, technical skill – reputation, Apple can’t trust a company that’s a startup, intellectual property - owns something that’s intangible, databases, credit records, sports rights, knowledge that others don’t have • Quality (basically talk about ROC, how do they get that return on capital? Break it down, where does it come from? Do they have a higher retention rate? Where is the quality weak? Geoff always asked for customer retention rate, can you always find someplace where there are reviews by customers? Can you get anything that’s ranked in the industry? Like customer service, awards, customer satisfaction surveys, Glassdoor for company culture, need to read between the lines on Glassdoor, look at short interest vs. float, and read short thesis, high price or low price, customer reviews, what do individuals think of the products, which brand would you trust the most? If it comes back a mix then it’s probably the cheapest, how much r&d are they spending as a % of sales and in general, where are they spending this r&d, read Phil Fishers 15-point checklist for quality and growth• Capital Allocation – History of dividends, stock buybacks, stock issuance, CARG in # of shares outstanding, see how management is compensated in the proxy (options, restricted stock, bonus – what are the targets that make up the bonus? ROE, ROC, market cap, etc., how much does management own of the stock? And how significant is that in regard to their salary? What did they say they were going to do in the past? What do they do with FCF historically, can get from transcripts as well, people on the board that we recognize, how much FCF compared to marketcap, could they buy it back? Is there enough float and is the stock liquid enough, did the company ever pay special dividends? Does the company ever acquire things? $MNRO- is their business growth through acquisitions? What type of prices do they pay? Stock or cash• Value – what’s the PE, EV/EBITDA and how does that compare to other companies? Which competitor is better? Why would a company be more expensive or cheaper? Use 5 peers? EX - Is GM cheaper than Ford and why would that make sense? Talk about what management is guiding. Relative value vs. past and competitors, was there ever an offer that was refused or that fell apart? What would an LBO look like? Do they do LBO’s on companies like this? What prices do acquisitions happen in the industry or did peers pay? If looking at Kroger what did AMZN pay for whole foods, etc.• Growth – break down growth. Let’s say they can grow 5% a year, how much is SSS, how much is price increase, how many active users, how much time might they be spending on it, are the ad expenses going up or down, break it all down by geography, are they going to grow in Mexico a lot but not the US, etc.? can they gain market share each year? Compare it to something else that’s already big. Can a cheesecake be as popular as chilis? Probably not. Always think in terms of nominal GDP, population growth, and inflation, how much have real sales grown • Misjudgment – what are other people seeing on the short part of it, what can’t we predict that’s important to what we’re doing, what may we get wrong that our argument rests on, check % short, short thesis, look at press reports to see what people are saying could go wrong, can look at if all the stocks in the industry are affected or just this one, basically trying to find an explanation for why it’s cheap, VIC, read comments to figure out what other people think• Conclusion – take all the things we’ve done and put a mini-analysis together, the elevator pitch – why why why, whats going to drive the stock. talk in terms of 3 things: how safe is this, how high quality is this, how cheap is this – safe: DEBT/EBITDA, F Z Score, years of positive earnings, cash flow, is it positive? Is it always positive? FCF, Variation in margins. Google S&P, Fitch, Moodys to check bond ratings, check interest rate on debt. Quality: long-term CAGR of stock, is it high enough, is it a good industry – CAGR on other stocks, is it a cyclical, are these companies’ products, services, etc. as good as the competition? Is the culture as good as other places? Cheap: EV-EBITDA, EV-SALES, relative valuation (cheap compared to self, cheap compared to peers) Private owner value, absolute value (is this stock cheap for a normal stock at a normal time – average stock is 15-16x PE in normal times) • Appraisal – come up with a method for appraising the stock
Being the journalist: go to the proxy statement and find out who owns stock in the company, google all of their names to learn about who they are and learn about them
Get satellite images of their HQ and properties – get a sense of why they would put the HQ where it’s at, google the town to learn about income and significant things in the town
Glassdoor – if found anything that’s weird, look into it
Look for news on the company, EX: http://www.hawaiinewsnow.com/story/38722953/community-stunned-by-trees-mowed-down-in-west-maui-but-state-defends-project, write it down, the project is starting)
Look at BBB
Look for information about the industry group – timber, core processors – learn what that is, find what the company is and industry terms and stuff. What’s the business model?
Read reviews on websites like Yelp, TripAdvisor, Etc.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/
Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Twitter: @GeoffGannon
Email: gannononinvesting@gmail.com

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Twitter https://twitter.com/StockWriteUps
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Podcast https://podcasts.apple.com/ca/podcast/value-stocks/id1422942071
Email: Alex@stockwriteups.com
Email: Valuestockspodcast@gmail.com
Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
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Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free stock writeup list at: https://www.focusedcompoundinggazette.com/

$SIMA
Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Stocks, Investing, Finance, Reading, Value Investing, Finance, Money, Warren Buffett, Investing Help, Trading
Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
Contact Geoff at:
Email: gannononinvesting@gmail.com
Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
Join our free memo distribution list at - www.focusedcompounding.com
Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.

Contact Andrew at:
Twitter: @Focusedcompound
Email: info@focusedcompounding.com
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https://epusenergy.com
jeff@epusenergy.com
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
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The coupon code is: FCPODCAST
- Amazon Japan Founder Disrupting Outdated Japanese Publishing Industry
- Explosive But Dubious Growth Internet Advertising Company Trading for 3.2x EV/EBIT
- Flailing Clothing Company With Signs of Improvement Trading for 55% NCAV
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
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Lifetime Fitness Report - https://focusedcompounding.com/wp-content/uploads/2017/05/LifeTime-Fitness-1.pdf
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month.
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Contact Andrew at:
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime.
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https://www.hvst.com/organization/art-capital-lp
Peter's Twitter: @ArtkoCapital
info@artkocapital.com
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime.
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Nate Tobik
@oddballstocks
http://www.oddballstocks.com
https://www.completebankdata.com
Buy Nates Book here! https://amzn.to/2E1vdzY
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime.
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime.
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime.
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Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime.
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Going Beyond the 10k Checklist (good order to follow. If not durable, we should drop it)
• Overview – Give an overview on the business – what is the business, what units make it up, what products do the business have, who are the customers, where do they operate geographically, recent events (spinoffs, the stocks down 50%, why are we looking at this?) who’s their biggest customer, who’s their biggest supplier, what are their biggest product categories (or units, where is rev coming from)• Durability – is the product durable? Have the companies always existed? Have there been changes and challenges before? What’s it based on? Why is this going to continue in the future? Is this a fad? • Moat (does the company have a moat, and what would it be, EX from HBB- Do they outsource it to China, can they outsource it to China? Can other people replicate this easily?) competitive advantage- Where does the moat come from? – high switching costs, patents, contracts, network effects, shelve space, brand, economies of scale – logistics – sales per customer, location location location, regulatory, high barriers to entry, technical skill – reputation, Apple can’t trust a company that’s a startup, intellectual property - owns something that’s intangible, databases, credit records, sports rights, knowledge that others don’t have • Quality (basically talk about ROC, how do they get that return on capital? Break it down, where does it come from? Do they have a higher retention rate? Where is the quality weak? Geoff always asked for customer retention rate, can you always find someplace where there are reviews by customers? Can you get anything that’s ranked in the industry? Like customer service, awards, customer satisfaction surveys, Glassdoor for company culture, need to read between the lines on Glassdoor, look at short interest vs. float, and read short thesis, high price or low price, customer reviews, what do individuals think of the products, which brand would you trust the most? If it comes back a mix then it’s probably the cheapest, how much r&d are they spending as a % of sales and in general, where are they spending this r&d, read Phil Fishers 15-point checklist for quality and growth• Capital Allocation – History of dividends, stock buybacks, stock issuance, CARG in # of shares outstanding, see how management is compensated in the proxy (options, restricted stock, bonus – what are the targets that make up the bonus? ROE, ROC, market cap, etc., how much does management own of the stock? And how significant is that in regard to their salary? What did they say they were going to do in the past? What do they do with FCF historically, can get from transcripts as well, people on the board that we recognize, how much FCF compared to marketcap, could they buy it back? Is there enough float and is the stock liquid enough, did the company ever pay special dividends? Does the company ever acquire things? $MNRO- is their business growth through acquisitions? What type of prices do they pay? Stock or cash• Value – what’s the PE, EV/EBITDA and how does that compare to other companies? Which competitor is better? Why would a company be more expensive or cheaper? Use 5 peers? EX - Is GM cheaper than Ford and why would that make sense? Talk about what management is guiding. Relative value vs. past and competitors, was there ever an offer that was refused or that fell apart? What would an LBO look like? Do they do LBO’s on companies like this? What prices do acquisitions happen in the industry or did peers pay? If looking at Kroger what did AMZN pay for whole foods, etc.• Growth – break down growth. Let’s say they can grow 5% a year, how much is SSS, how much is price increase, how many active users, how much time might they be spending on it, are the ad expenses going up or down, break it all down by geography, are they going to grow in Mexico a lot but not the US, etc.? can they gain market share each year? Compare it to something else that’s already big. Can a cheesecake be as popular as chilis? Probably not. Always think in terms of nominal GDP, population growth, and inflation, how much have real sales grown • Misjudgment – what are other people seeing on the short part of it, what can’t we predict that’s important to what we’re doing, what may we get wrong that our argument rests on, check % short, short thesis, look at press reports to see what people are saying could go wrong, can look at if all the stocks in the industry are affected or just this one, basically trying to find an explanation for why it’s cheap, VIC, read comments to figure out what other people think• Conclusion – take all the things we’ve done and put a mini-analysis together, the elevator pitch – why why why, whats going to drive the stock. talk in terms of 3 things: how safe is this, how high quality is this, how cheap is this – safe: DEBT/EBITDA, F Z Score, years of positive earnings, cash flow, is it positive? Is it always positive? FCF, Variation in margins. Google S&P, Fitch, Moodys to check bond ratings, check interest rate on debt. Quality: long-term CAGR of stock, is it high enough, is it a good industry – CAGR on other stocks, is it a cyclical, are these companies’ products, services, etc. as good as the competition? Is the culture as good as other places? Cheap: EV-EBITDA, EV-SALES, relative valuation (cheap compared to self, cheap compared to peers) Private owner value, absolute value (is this stock cheap for a normal stock at a normal time – average stock is 15-16x PE in normal times) • Appraisal – come up with a method for appraising the stock
Being the journalist: go to the proxy statement and find out who owns stock in the company, google all of their names to learn about who they are and learn about them
Get satellite images of their HQ and properties – get a sense of why they would put the HQ where it’s at, google the town to learn about income and significant things in the town
Glassdoor – if found anything that’s weird, look into it
Look for news on the company, EX: http://www.hawaiinewsnow.com/story/38722953/community-stunned-by-trees-mowed-down-in-west-maui-but-state-defends-project, write it down, the project is starting)
Look at BBB
Look for information about the industry group – timber, core processors – learn what that is, find what the company is and industry terms and stuff. What’s the business model?
Read reviews on websites like Yelp, TripAdvisor, Etc.
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Checklist
Read most recent 10k and take notes
find 5 peers
Get longest term stock chart possible, record the number of years and use money chimp CAGR calculator to get the long-term return. We’re doing this because we want to make sure the stock works geometrically overtime
Get longest term stock chart possible for the closest peers and repeat step one. Often, we won’t have the longest chart for a company because of spinoffs. Compare these CAGR’s to the overall market. We want to see if these could work geometrically relative to the market
Calculate EV/Sales, EV- EBITDA, Debt-EBITDA, and CAGR, do min, max, median, mean, SD, CV for all of them
Do a Credit Check, Net Debt-EBITDA, Consecutive years with a profit, EBIT Margin and CV on Margin, Check Z-score and F-score
If the company has a history, get a history of the past financials from EDGAR or OTC markets under disclosures, or from the co’s IR. from past 10k’s for the longest term possible, always want Sales and EBIT for the company we’re studying. Get the longest-term EBIT margin. Take min, max, median, mean, SD, CV (anything under 30% CV is low and good) the lower the better. Calculate sales CAGR and EBIT CAGR – 3 yr, 5 yr, 10 yr, 15 yr, 20 yr if exists and 25 if it exists (want to see if it has slowed down a lot over time)
Check VIC and read the writeups
Use Google to find write-ups/blog posts on the stock and read them
Try finding historical returns of the asset if it’s like Timber, $MLP, etc
Try finding past acquisitions­ in the industry
Try coming up with an appraisal
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In this episode, Andrew and Geoff go over their research process when it comes to doing due diligence on a company and also discuss how they read a 10k.
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In this episode, Andrew and Geoff chat about value traps. Value traps are what every investor looks to avoid — which is, buying a stock that looks “cheap”, but turns out to actually be expensive. Tune in to hear their thoughts.
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In this episode, Andrew and Geoff talk about Tandy Leather Factory (TLF), a stock Geoff wrote about at Singular Diligence back in 2015.
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In this episode, Andrew and Geoff go over NACCO Industries, a stock that Geoff personally has invested 50% of his portfolio in. They decided to revisit the stock due to it currently trading near Geoffs original buy-in price.
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In this episode, Andrew and Geoff go over habits they believe individuals should work to develop to become a better investor.
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In this episode, Andrew and Geoff go over the topic of investing in businesses with “moats”.
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In this episode, Andrew and Geoff give their thoughts on the controversial topic of the two types of value investing: Cheap vs. Quality.
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In this episode, Andrew and Geoff answer questions that we asked on Twitter. The questions that were asked were:
1.Does capital gain tax affect your investing decision in terms of holding periods? Like if there is capital gain tax at all, will that affect how u invest in any way?
2.How valuable have you found the paying-member service level at data providers such as GuruFocus or Morningstar as a tool for initials checks on companies? What I mean is, when you first get interested in a company, is having access to long-term historical financial information a useful tool in getting a high-level sense of the business before diving deeper into the 10-K? Or are there other uses for this sort of data? For context, I consider reviewing the historical data in the 10-K an absolutely critical step in studying a business, but it is not simple to review that data and quickly get a sense of how margins and various components of a business have changed over time, and at times I wish I had access to a quick
3. What is your methodology for assessing management's honesty, operating ability, capital allocation skill, and incentives?
4.Why do investors consider low margin established brand companies as “good” while high margin tech or bio tech is risky and/or “bad”?
5.Could you give your thoughts on compounding through long-term investing vs. short-term trading? i.e. 20% annually over 30 years vs. 5% 100 times. What's the best way to turn a small amount of capital into a large amount of capital?
7.If “good” is stability then rent stabilized HUD housing leveled to the moon is “good”. So second Q. Why is the term good conflated with financial returns when discussing biz value? Bad biz can have good returns, but that isn’t a good biz
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In this podcast, Andrew and Geoff go over a stock idea that Geoff wrote about 2 years ago, which they think is an idea worth further study at current price levels. Listen in as they go over the investment thesis.
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